■ OIL
IEA warns of recession
High oil prices could tip the world economy into recession, the International Energy Agency (IEA) said yesterday. “That’s possible,” IEA executive director Nobuo Tanaka said on the sidelines of the International Energy Forum in Rome. On Monday, the IEA chief had said that oil prices, at their current levels, were “too high for everyone, especially for developing countries who face other significant costs increases, namely food prices.” The IEA represents the interests of the oil-consuming countries. World oil prices eased only slightly in Asian trade yesterday after once again spiking to a record high of US$117.56 the day before amid reports of pipeline sabotage in Nigeria and the refusal on the part of OPEC to raise output for the time being.
■ TRADE
Nomura employee probed
Japan’s top brokerage firm Nomura said yesterday that one of its employees was under investigation by the country’s financial watchdog over alleged insider trading. The government vowed a stern response over the case, which reportedly involves a 30-year-old employee at Nomura Securities who is suspected of leaking confidential merger and acquisition information to two acquaintances. The three Chinese men allegedly made about ¥40 million (US$388,000) in profit through insider trading in 2006 and last year, the Nikkei Shimbun reported, quoting unnamed sources familiar with the matter. The Tokyo District Prosecutors Office could arrest the Nomura employee anytime, Jiji Press news agency said.
■ AVIATION
Alitalia could lose license
Italian aviation authorities were warning they could revoke Alitalia’s flight license if it fails to meet its obligations, including safety. The warning came yesterday from Vito Riggio, the chairman of Italy’s civil aviation agency ENAC, following Air France-KLM’s announcement that it was abandoning its offer to buy Alitalia. Riggio’s comments on a state radio talk show highlighted aviation authorities’ worries that Alitalia’s failure to guarantee enough funds to operate for at least 12 months could compromise safety.
■ ELECTRONICS
TI profits up 28 percent
Texas Instruments (TI) said on Monday its first-quarter profit rose 28 percent as strong demand for analog chips used in electronic equipment offset lower sales of cellphone chips. Dallas-based Texas Instruments Inc. reported net income of US$662 million, or US$0.49 per share, including a tax gain of US$0.06 per share. A year ago, the company posted profit of US$516 million, or US$0.35 per share. Sales rose 2.5 percent to US$3.27 billion, compared with US$3.19 billion last year. Analysts polled by Thomson Financial expected adjusted profit of US$0.43 per share on slightly higher sales of US$3.28 billion.
■ INVESTMENT
Wealth management grows
Southeast Asia is seen as second only to China in growth potential for the wealth management field, a survey of wealth managers by Barclays Capital said yesterday. Asia’s wealth management growth is not expected to slow over the next two years, the survey showed. China was seen as the market with the highest revenue growth potential by 80 percent of the 91 respondents from 57 wealth management organizations across Asia, excluding Japan. Southeast Asia emerged second. About 60 percent of the wealth managers expected annual revenue growth of more than 15 percent from India, Taiwan and Hong Kong.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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